- TRIBUTOS
The industry confederation Conindustria proposed cutting VAT withholding from 75% to 50% in the tax reform announced by the government; the tax agency collected 6.23% more in dollars in October than in September.
Tributos: 63% de la utilidad neta (2025, Conindustria) · SENIAT oct: US$1.272,68 M · internos: +14,49% · Brent 4-nov: −8,5%
affects formal companies subject to VAT withholding, and exporters
- EXPORTACIONES
A decree by the acting president adds industry to the exemption from domestic export permits that a 2021 decree gave fishing, food, coffee and cocoa.
Legalización: máximo 10 días hábiles · un solo documento para llevar la carga al puerto · café: sin código de exportador
affects anyone producing in Venezuela to sell abroad, outside oil
- GAS
Colombia declared repairing the pipeline with Venezuela a strategic priority, and Ecopetrol plans to import 50 million cubic feet a day of Venezuelan gas if OFAC authorizes it.
Capacidad: 450 MMpcd · primera etapa: 50 MMpcd · CAF: US$66 M mínimos
affects anyone producing or consuming gas in western Venezuela
Industry is asking to pay less VAT up front just as crude gets cheaper: on Wednesday Brent lost 8.5%, and the tax agency’s October gain came from domestic taxes: customs brought in less. The industry group’s proposal eases formal companies’ cash first and leaves the extra revenue for when informal businesses join the base; for the treasury, it means collecting part of the VAT later in exchange for taxpayers who do not yet pay. The test is the reform text: if it cuts withholding and creates the exporter credit, the government is betting on the base; if it only widens digital control, the burden on industry does not change. Next: the tax agency’s November results and the Gazette text of the export decree.
Tito López, Conindustria’s president, said at the group’s congress that the private sector compiled the files of 902 seized or expropriated companies, which are already with government offices. He asked that they be offered first to their former owners and, if those are not interested, privatized.
On October 29, Delcy Rodríguez ordered non-essential state assets valued to sell them or return them, with no list, deadline or decree. Conindustria’s figure is the first to size the queue of claims, though it is not an official list and does not say how many of those companies still operate. López acknowledged it will be hard to recover any before 2027. Until the first return or sale with a name and a published act, 902 measures former owners’ demand, not the state’s supply.
Former owners with a file, if the commission agrees to offer them their companies first.
Buyers hoping for state assets at fire-sale prices, if returns to owners come before sales.
Conindustria presented on Tuesday the 3rd its proposal for the government’s tax reform; the tax agency reported a day later that October collection rose 6.23% in dollars from September.
At Conindustria’s congress on Tuesday the 3rd, the head of its tax committee, Ivette Jiménez, presented figures showing that in 2025 formal companies spent 63% of their net profit on taxes. Those payments absorbed 34% of their cash flow, three quarters of it through VAT withholding. The group asked to cut that withholding from 75% to 50%, file VAT monthly, restore inflation adjustment, give exporters a tax credit of 10% of FOB value and charge informal businesses a single $10 monthly contribution.
Conindustria — vía Últimas Noticias ↗Tributos 2025: 63% de la utilidad neta y 34% de la caja de la empresa formal (Conindustria) · retención del IVA: 75% → 50% propuesto · SENIAT oct: US$1.272,68 M (+6,23%) · internos: +14,49%On Wednesday the 4th, the tax agency reported October collection of $1.27 billion, 6.23% more than in September; on October 26, its superintendent had forecast a rise of about 40%, without saying against what base. The gain came from domestic taxes, up 14.49% in dollars: customs brought in about 12% less than in September (our own calculation from the official breakdown). Conindustria estimates that its measures, including the informal-sector contribution, would lift collection from $12.65 billion to $18.10 billion, 43% more.
Formal companies subject to VAT withholding, if the rate falls from 75% to 50%.
The treasury in the short term, which would collect later part of the VAT it now gets in advance.
INDICADORThe tax reform text: the VAT withholding rate and whether it includes a tax credit for exporters. · Delcy Rodríguez dijo el 3 de noviembre de 2026 que estará lista «en los próximos días»; el balance de noviembre del SENIAT, a comienzos de diciembre de 2026 (el de octubre salió el 4 de noviembre).
The acting president approved on Tuesday the 3rd a decree scrapping domestic export permits for fishing, coffee, cocoa, food and industry; the government announced it on Wednesday the 4th.
Anabel Pereira, sectoral vice president for administration and digital government and economy minister, announced on Wednesday the 4th the export simplification decree Delcy Rodríguez approved on Tuesday. In fishing and aquaculture, domestic permits, registrations and certificates are no longer required; in coffee and cocoa, restrictions are lifted and the coffee exporter code disappears; in food and industry, ministry permits are no longer needed. Health certificates will be issued only if the buyer asks for them.
Vicepresidencia Sectorial Administrativa y de Gobierno Digital — vía RNV ↗Sectores: pesca y acuicultura, café, cacao, alimentos, industria · legalización: ≤10 días hábiles · antecedente: Decreto 4.525 (2021) · manufactura: 51,3% de su capacidad (Conindustria)A 2021 decree, No. 4,525, already exempted fishing and food exports from permits, save for a list of exceptions, and coffee and cocoa beans from authorization, provided domestic demand was met; it was extended to June 9, 2026. The new one also reaches industry, with a single document to take cargo to port and legalization within 10 business days at most. According to Conindustria, manufacturing runs at 51.3% of capacity and the only finished product Venezuela exports today is rum.
Exporters of fish, farmed shrimp, cocoa and coffee, who no longer process domestic permits and registrations for each shipment.
The ministry offices that issued the permits and the coffee exporter code.
INDICADORThe decree’s Official Gazette number and whether its text lets the executive restrict exports again on supply grounds. · Publicación del texto en Gaceta Oficial; al 4 de noviembre de 2026 el decreto se conocía por el anuncio en video de la vicepresidenta sectorial.
Colombia added on Wednesday the 4th the recovery of the Antonio Ricaurte pipeline to its strategic-interest projects; Ecopetrol plans to import 50 million cubic feet a day of Venezuelan gas.
Ecopetrol said on Wednesday the 4th that Colombia’s government added the recovery of the binational Antonio Ricaurte pipeline to its Projects of National and Strategic Interest. The 2007 line links La Guajira with Lake Maracaibo over 225 kilometers, 137 in Venezuela, and has been idle for more than ten years. Ecopetrol plans to import 50 million cubic feet a day in a first stage, out of a capacity of 450, if it is repaired and OFAC authorizes it.
Ecopetrol — vía El Diario ↗Capacidad: 450 MMpcd · primera etapa: 50 MMpcd (≈5% del consumo colombiano) · 225 km, 137 en Venezuela · CAF: US$66 M mínimos (30-sep)Colombia already imports about 40% of the gas it uses, and gas arriving by ship costs more because it must be liquefied and regasified, according to Ecopetrol. The 50 million cubic feet equal less than 3% of Venezuela’s domestic market, if Cardón IV supplies a third of that market with 580 million a day, as Repsol said on September 30 (our own calculation). CAF estimated a minimum investment of $66 million before exports can start.
PDVSA Gas and western Venezuela’s gas producers, which would gain an export buyer if OFAC authorizes it.
The liquefied natural gas Colombia buys by ship, more expensive according to Ecopetrol because it must be liquefied and regasified.
INDICADORThe request for or issuance of an OFAC license for the pipeline, and the supply contract between Ecopetrol and the Venezuelan side. · Sin fecha anunciada al 4 de noviembre de 2026; la CAF estimó el 30 de septiembre de 2026 una inversión mínima de 66 millones de dólares antes de exportar.
On Tuesday the 3rd, the National Assembly passed on first reading the reform of the Anti-Hatred Law, which would be renamed the Law for Democratic Coexistence, Peace and Tolerance.
The reform turns into an infraction any conduct that does not lead to physical violence or serious harm to rights: the 10-to-20-year prison sentence becomes fines of 500 to 10,000 times the official euro rate, the highest-value currency the central bank publishes. It removes the fine of 3% to 4% of gross revenue for radio and television and, according to its sponsor, Pedro Infante, the revocation of licenses. Sanctions would be imposed by the Interior Ministry. The opposition Libertad caucus dissented.
Asamblea Nacional — vía El Diario ↗Multas: 500 a 10.000 veces el tipo oficial del euro (≈ US$560 a 11.190) · antes: 10 a 20 años de prisión · 927 imputados hasta el 30-sep (Foro Penal) · reforma: dos tercios de la ANThe law was passed by the Constituent Assembly in 2017, so its reform requires a prior ruling by the Constitutional Chamber and two-thirds of the Assembly, according to Official Gazette 6,604 Extraordinary; the Chamber declared it compliant on October 15. Through September 30, 927 people had been charged under this law, according to Foro Penal. At the official euro rate, the minimum fine is now worth about $560 and the maximum about $11,190.
Radio and television broadcasters, which no longer risk their license and a fine of 3% to 4% of gross revenue.
Social media users and small outlets, for whom a fine of at least $560 is decided by a ministry and not a judge.
INDICADORThe text approved on second reading: whether it keeps the six-hour content takedown and the website blocking of article 22 of the 2017 law. · Segunda discusión, sin fecha fijada; el período de sesiones de la Asamblea cierra el 15 de diciembre de 2026, y la reforma requiere dos tercios de los diputados.
HOW OUR CALLS ARE DOING
indicators we issued in earlier editionsOn October 30 we asked whether OFAC would again hold back PDVSA 2020 bondholders before Thursday the 5th.
It held them back on the eve, as in the six previous replacements in 2026: License 5AA, issued Wednesday the 4th, moves the authorization on the bond, secured by 50.1% of Citgo Holding, to December 18.